Research On The Equity Incentive Problem Of New Third Board Listed Enterprises

Along with the expansion of the new third-board market and the development of"spurt-type"in recent years,the new third-board market is undoubtedly a huge attraction for modern enterprises that want to achieve greater development.The quantity of new third-board listed companies in China has continued to increase since 2014.According to statistics,by the end of 2017,the quantity of domestic listed companies has reached 11630,and this quantity has even far exceeded the quantity of listed companies in main board of Shanghai and Shenzhen.It can be seen that the vast majority of modern enterprises regard the new third-board listing as an important way to formally enter the capital market,and the new third board is also active on China's capital market stage after the main board,small-medium board and the GEM.Given the restrictions on the company's asset size,cash flow,and other aspects of the company's assets,the company must be able to retain its senior management talents,core employees through equity capital incentives.At present,the company that implements equity incentives for the New Third Board has demonstrated strong flexibility in practice.However,compared to the relatively mature equity incentive system in the A-share market,the system of equity incentives in new third board companies is still not perfect.Therefore,based on the in-depth understanding of the concept and the theoretical basis of the New Third Board Company and equity incentives,this paper summarizes and analyzes the current status,necessity,and feasibility of the equity incentives in the new Third Board companies in China.The analysis of the implementation status,the use of incentive tools and announcements,and the characteristics of the incentive model types were conducted.Finally,the Shuguang Energy Saving Company was used as a case to conduct in-depth analysis and verification on the issues related to equity incentives in the listed companies in New Third Board.Although the research in this paper argues that in order to safeguard the support of arguments,it is innovative to select Shuguang Energy Company as a case for targeted and in-depth analysis,but at the same time,the limited data sources of case companies have also become the difficulties in this study.In this paper,the research scope of the equity incentive issue is targeted at the new 3rd board listed companies,and the research objectives are more accurate.Through in-depth study on the status development and case issues of the new 3rd board listed companies,it can provide positive reference value and practical significance for the successful lsting of small and medium-sized enterprises in China.